The 'Goods and Services Tax' on two-wheelers is: MCQ with Answer and Explanation

The 'Goods and Services Tax' on two-wheelers is:
A. 28% plus cess
B. 28%
C. 18%
D. 12%
Answer: Option B
Solution (By JKSSB Mock Tests)
Two-wheelers attract 28% GST.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is NOT a cause of demand-pull inflation?
A. Increase in consumer spending
B. Increase in money supply
C. Increase in cost of production
D. Increase in government expenditure

Correct Answer: Option C


Explanation:
Increase in cost of production causes cost-push inflation. Demand-pull inflation arises from excess aggregate demand due to increased money supply, government spending or consumer spending.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a source of agricultural finance in India?
A. Commercial banks
B. NABARD
C. Cooperative societies
D. Stock exchanges for small farmers

Correct Answer: Option D


Explanation:
Stock exchanges primarily serve corporate entities. Agricultural finance is provided by commercial banks, cooperatives, RRBs and refinanced by NABARD.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'Income Tax Department' in India works under:
A. SEBI
B. RBI
C. NITI Aayog
D. Ministry of Finance

Correct Answer: Option D


Explanation:
Income Tax Department is under the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1